Tax-Planning Strategies for Year-End Filing and COVID-19-Applicable Deductions
dBusiness Magazine has published one of many recent COVID-19 updates for the business publication's readership, including a recent roundup of resources available to entrepreneurs and small businesses during this crisis. The feature included mention of the following:
SCORE's tax-planning tips to help entrepreneurs capitalize on every deduction that is available during the crisis.
The basic business deductions the IRS offers are:
- Startup costs
- Business insurance
- Business vehicles
- Healthcare tax credits
- Interest paid on loans
- Business gifts
- Business travel
- Charitable contributions
- The cost of last year’s tax preparation
A comprehensive list of tax credits available to small businesses is posted at irs.gov. SCORE Detroit suggests entrepreneurs consider the following for additional tax relief:
- Disabled Access – for businesses that incur expenses related to hiring individuals with disabilities.
- Empowerment Zone Employment – for businesses that hire and retain employees who live within a federally designated empowerment zone.
- Work Opportunity – for those that hire individuals from certain targeted groups who have consistently faced significant barriers to employment.
- Investment Credit – for expenses related to rehabilitation, energy, and reforestation investment.
To see what other resources dBusiness brought to the attention of our local small business community, read the entire article.
- Accounting & Cash Flow
- Tax Planning
- In Business
- Encore (50+) Entrepreneurs
- Rural Entrepreneurs
- Veteran Entrepreneurs
- Women Entrepreneurs
- Accommodation & Food Services
- Administrative, Support, & Waste Management
- Agriculture, Forestry, Fishing & Hunting
- Arts, Entertainment, & Recreation
- Educational Services
- Finance & Insurance
- Other Services (except public admin.)
- Professional, Scientific, & Technical Services
- Real Estate & Rental & Leasing
- Retail Trade
- Wholesale Trade
- Agriculture, Farming, Fishing & Hunting
- Arts, Entertainment & Recreation
- Banking, Finance & Insurance
- Health Care & Social Assistance
- Home or Personal Maintenance Services
- Manufacturing & Industrial
- Nonprofit, Public and Professional Organizations
- Professional & Business Services
- Real Estate, Rental & Leasing
- Retail & Wholesale Trade
- Technical & Scientific Services
- Transportation & Warehousing